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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Mike Buckley who wrote (53485)	1/26/2003 2:19:21 PM
From: Casaubon	Read Replies (1) of 54805

Just for the record, in all likelihood, the return of all those options granted to Tom Siebel will have a negligible effect on the bottom line for SEBL and the investors. In effect Tom Siebel gave up nothing! How can I make such an outrageous statement? Simple. If the price of the stock never rises above the grant price of the option grants, then Tom Siebel would never be able to sell the options for a gain. Since the options were granted in the go-go years, the price of the stock was outlandishly high. The price of the option grants would have been established based on the price of the stock (outlandishly high). Therefore, the options granted would never be in the money because, the price of the stock would have to rise above the bubble prices of the stock when the options were granted. In all likelihood, that will not happen. Thus, this is a great PR move on the part of Tom Siebel. In actuality, he is likely giving up nothing (those options granted would likely have expired worthless) but, he is gaining the respect and admiration of the investment community.

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